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FHA To Keep Their Loan Limits the Same

November 28th, 2007 Categories: Real Estate News

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FHA has announced to keep their loan limits in place for the coming year 2008. The FHA maximum loan amount is 87% of the conventional loan limit of $417,000.  Salt County falls into the 87% making the total loan amount for Salt Lake $362,790

There had been a lot of talking about raising the limits on the conventional amounts to adjust to the recent rise in home prices. Based on some articles by Peter G. Miller (Good Site) over at FHA Mortgage Guide, he talks about if loan limits go up when prices go up, then they should go down when prices go down. So in essence keeping them the same while in some markets prices are going down some is good for the housing market.

Click for a table of FHA Loan Limits for Utah Metro Areas.

This entry was posted on Wednesday, November 28th, 2007 at 9:56 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Peter G. Miller said at November 30th, 2007 at 4:12 am

    Hi –

    Thanks so much for your kind posting.

    The problem with keeping loan limits at current levels while market prices decline is that lender risk increases. Increasing lender risk is not a good idea — it’s what got us into the current mortgage meltdown.

    All the best,

    Peter
    http://www.fhaloanpros.com

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